The country’s largest oil marketing companies (OMCs) have begun lowering the cost of gasoline at the pump.
The price of gasoline has dropped more than two cedis to ¢13.40 a litre, according to market leader GOIL. Additionally, the price of diesel has decreased from ¢18.86 to ¢16.10 per litre.
Additionally, fuel is available from TotalEnergies for ¢13.40 per litre, while diesel costs ¢15.85 per litre.
The majority of the smaller OMCs, meanwhile, have already lowered their pricing as of Wednesday, December 14, 2022.
Some OMCs told Joy Business that increased dollar availability and cedi stability have had an impact on the decline in petroleum product pricing. “With the continued price falls recorded on the international market, consumers are set to see further price relief at the pumps. The Institute for Energy Security (IES) predicts that on the back of 9.02%, 8.08% and 7.38% fall in prices of Gasoline [petrol], Gasoil [diesel] and LPG respectively, the domestic OMCs outlets are set to reduce their prices further”, it explained.
World Market Price
The price of petrol continued to decline over the period under review, falling by 9.02% from $838.78 per metric tonne to $763.10 per metric tonne, according to the global Standard & Poor’s (S&P’s) Platts averages observed over the most recent pricing window.
Additionally, the price of diesel decreased by 8.08%, falling from $969.70 to $891.30 per metric tonne. The price of LPG decreased in the same manner, dropping from $618.20 per metric tonne to $572.58 per metric tonne by 7.38%.
A Call To Reduce Fuel Prices
Meanwhile, When the next pricing window opens, the Ghana Private Road Transport Union (GPRTU) said it will lower its rates if fuel costs decline.
The Union claims that if it occurs, they won’t think twice about lowering transportation costs. They won’t, however, rush to lower prices and risk experiencing fuel price increases.
Godfred Abulbire, the general secretary of the GPRTU, made a statement.
He claimed that a number of factors would need to be taken into account before lowering transportation costs.
“For now, we will not rush and reduce fares, we need to observe things before we reduce before they increase again, and we are told to increase.
We are going to observe and by the next pricing window, if the price comes down, nobody will need to tell us to reduce fares,” he said in a media interview.
The drop in the prices of petroleum products has necessitated the demand for a reduction in transport fares.
Priscilla Fumadorh
Priscilla is an entrepreneur and a creative communicator who loves to communicate through writing. She is passionate about national economic issues and does not miss a chance to offer her opinions on them for the good of the country.
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